Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
 3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Stockholders' Equity

10. Stockholders’ Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended March 31, 2016 (dollars in thousands):

 

                                              Distributions in        
    Shares Issued     Shares Retired                       Additional     Excess of     Total  
    Preferred     Common     Senior Common     Preferred     Senior Common     Common     Paid in     Accumulated     Stockholders’  
    Stock     Stock     Stock     Stock     Stock     Stock     Capital     Earnings     Equity  

Balance at December 31, 2015

     2,150,000        22,485,607        972,214      $ 2      $ 1      $ 22      $ 418,897      $ (185,051 )    $ 233,871   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Issuance of preferred stock and common stock, net

     74,000        64,504        —          —          —          1        2,569        —          2,570   

Retirement of senior common stock

     —          —          (12,662 )      —          —          —          —          —          —     

Distributions declared to common, senior common and preferred stockholders

     —          —          —          —          —          —          —          (9,736 )      (9,736 ) 

Net income

     —          —          —          —          —          —          —          853        853   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance at December 31, 2016

     2,224,000        22,550,111        959,552      $ 2      $ 1      $ 23      $ 421,466      $ (193,934 )    $ 227,558   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions

We paid the following distributions per share for the three months ended March 31, 2016 and 2015:

 

     For the three months ended March 31,  
     2016      2015  

Common Stock

    $ 0.375       $ 0.375   

Senior Common Stock

      0.2625         0.2625   

Series A Preferred Stock

      0.4843749         0.4843749   

Series B Preferred Stock

      0.4688         0.4688   

Series C Preferred Stock

      0.4453         0.4453   

Recent Activity

Common Stock ATM Program

We sold 65,000 shares of common stock, raising an aggregate of $0.9 million in net proceeds under our previous ATM Program with Cantor Fitzgerald & Co., or Cantor Fitzgerald. In February 2016, we amended our common ATM program, or the Amended Common ATM, with Cantor Fitzgerald. The amendment increased the amount of shares of common stock that we may offer and sell through Cantor Fitzgerald, to $160.0 million. All other terms of the agreement remained unchanged. As of March 31, 2016, we had a remaining capacity to sell up to $160.0 million of common stock under the Amended Common ATM.

Preferred Stock ATM Program

Additionally, in February 2016 we entered into an open market sales agreement, or the Preferred ATM, with Cantor Fitzgerald, pursuant to which we may, from time to time, offer to sell (i) shares of our 7.75% Series A Cumulative Redeemable Preferred Stock, and (ii) shares of our 7.50% Series B Cumulative Redeemable Preferred Stock, having an aggregate offering price of up to $40.0 million, through Cantor Fitzgerald, acting as sales agent and/or principal. During the three months ended March 31, 2016, we sold 74,000 shares of our Series B Cumulative Redeemable Preferred Stock for net proceeds of $1.8 million. As of March 31, 2016, we had a remaining capacity to sell up to $38.2 million of preferred stock under the Preferred ATM.