Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.3.0.814
Stockholders' Equity
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Stockholders' Equity

9. Stockholders’ Equity

The following table summarizes the changes in our stockholders’ equity for the nine months ended September 30, 2015 (dollars in thousands):

 

    Shares Issued                             Notes     Distributions in        
    Preferred    

Senior

Common

     Common     Preferred    

Senior

Common

     Common    

Additional

Paid in

    

Receivable

from

    

Excess of

Accumulated

    

Total

Stockholders’

  
    Stock     Stock     Stock     Stock     Stock     Stock     Capital     Employees     Earnings     Equity  

Balance at December 31, 2014

     2,150,000        809,411        19,589,606      $ 2      $ 1      $ 20      $ 369,748      $ (375 )    $ (151,724 )    $ 217,672   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Issuance of senior common stock and common stock, net

     —          183,658        2,154,173        —          —          2        38,653        —          —          38,655   

Distributions declared to common, senior common and preferred stockholders

     —          —          —          —          —          —          —          —          (27,305 )      (27,305 ) 

Principal repayments of employee notes receivable

     —          —          —          —          —          —          —          375        —          375   

Net income

     —          —          —          —          —          —          —          —          1,030        1,030   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance at September 30, 2015

     2,150,000        993,069        21,743,779      $ 2      $ 1      $ 22      $ 408,401      $ —        $ (177,999 )    $ 230,427   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions

Our Board of Directors declared the following distributions per share for the three and nine months ended September 30, 2015 and 2014:

 

     For the three months ended September 30,      For the nine months ended September 30,  
     2015      2014      2015      2014  

Common Stock

    $ 0.375       $ 0.375       $ 1.125       $ 1.125   

Senior Common Stock

      0.2625         0.2625         0.7875         0.7875   

Series A Preferred Stock

      0.4843749         0.4843749         1.4531247         1.4531247   

Series B Preferred Stock

      0.4688         0.4688         1.4063         1.4063   

Series C Preferred Stock

      0.4453         0.4453         1.3359         1.3359   

ATM Program

In September 2014 we entered into an open market sale agreement, or the ATM Program, with Cantor Fitzgerald & Co., or Cantor Fitzgerald, pursuant to which we may, from time to time, offer to sell shares of our common stock with an aggregate sales price of up to $100.0 million on the open market through Cantor Fitzgerald, acting as sales agent and/or principal. During the nine months ended September 30, 2015, we raised approximately $36.2 million in net proceeds under the ATM Program. As of September 30, 2015, we have sold a total of 4.0 million shares with aggregate gross proceeds of $69.3 million, and have a remaining capacity to sell up to $30.7 million of common stock under the ATM Program.

 

Senior Common Program

In March 2011, we commenced an offering of an aggregate of 3,500,000 shares of our Senior Common Stock, par value $0.001 per share, at a price to the public of $15.00 per share, of which 3,000,000 shares were intended to be offered pursuant to the primary offering and 500,000 shares were intended to be offered pursuant to our senior common distribution reinvestment plan, or the DRIP. This offering terminated according to its terms on March 28, 2015. During the three months ended March 31, 2015, we sold 189,052 shares of our Senior Common Stock at $15.00 per share and issued 5,134 shares of our Senior Common Stock under the Dividend Reinvestment Plan, or DRIP, program. The net proceeds, after deducting the underwriting discount and commission, were $2.6 million. At the conclusion of the offering on March 28, 2015, we had sold 927,994 shares of Senior Common Stock, for gross proceeds of $13.9 million, and issued an additional 27,038 shares of Senior Common Stock under the DRIP program.