Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
 6 Months Ended
Jun. 30, 2014
Equity [Abstract]  
Stockholders' Equity

NOTE 6. STOCKHOLDERS’ EQUITY

The following table summarizes the changes in our stockholders’ equity for the six months ended June 30, 2014:

 

     Common Stock             Distributions     Total  
     Number of
Shares		      Par Value      Additional
Paid-in Capital		      in Excess of
Earnings		     Stockholders’
Equity		  

Balance at December 31, 2013

      6,530,264       $ 6,530       $ 51,326,262       $ (2,820,800 )    $ 48,511,992   

Net loss

      —           —           —           (280,176 )      (280,176 ) 

Distributions

      —           —           —           (1,175,447 )      (1,175,447 ) 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Balance at June 30, 2014

      6,530,264       $ 6,530       $ 51,326,262       $ (4,276,423 )    $ 47,056,369   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

2013 Initial Public Offering

On January 28, 2013, we priced our initial public offering (“IPO”) of 3,333,334 shares of our common stock at a public offering price of $15.00 per share, which closed on January 31, 2013. Including the underwriters’ option to cover over-allotments, which was exercised on February 19, 2013, we issued a total of 3,780,264 shares, resulting in gross proceeds of $56.7 million and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $51.3 million. Approximately $37.9 million of these proceeds were invested in new property acquisitions, and an additional $1.7 million was expended or accrued for capital improvements on existing properties. In addition, $10.3 million was used to pay distributions to our stockholders, and a portion was used for other general corporate purposes. As of June 30, 2014, there were no uninvested proceeds remaining from our IPO.

Distributions

Our Board of Directors declared and paid the following monthly distributions to common stockholders for the six months ended June 30, 2014 and 2013:

 

Fiscal Year

    Declaration Date    Record Date    Payment Date    Distribution per
Common Share		  

2014

    January 7, 2014    January 22, 2014    January 31, 2014    $  0.03   
   January 7, 2014    February 19, 2014    February 28, 2014      0.03   
   January 7, 2014    March 17, 2014    March 31, 2014      0.03   
   April 8, 2014    April 21, 2014    April 30, 2014      0.03   
   April 8, 2014    May 20, 2014    May 30, 2014      0.03   
   April 8, 2014    June 19, 2014    June 30, 2014      0.03   
           

 

 

  

Six months ended June 30, 2014

    $ 0.18   
           

 

 

  
           

2013

    February 5, 2013    February 15, 2013    February 28, 2013    $ 0.04   
   February 5, 2013    March 15, 2013    March 28, 2013      0.04   
   April 9, 2013    April 22, 2013    April 30, 2013      0.12   
   April 9, 2013    May 20, 2013    May 31, 2013      0.12   
   April 9, 2013    June 19, 2013    June 28, 2013      0.12   
           

 

 

  

Six months ended June 30, 2013

    $ 0.44   
           

 

 

  

We will provide information related to the federal income tax characterization of our 2014 distributions in an IRS Form 1099-DIV, which will be issued to our stockholders in January 2015.

 

Registration Statement

We filed a universal registration statement on Form S-3 (File No. 333-194539) with the SEC on March 13, 2014, which the SEC declared effective on April 2, 2014. The registration statement permits us to issue up to an aggregate of $300.0 million in securities, consisting of common stock, senior common stock, preferred stock, subscription rights, debt securities and warrants to purchase common stock, including through a combined offering of two or more of such securities. We have not issued any securities under this registration statement to date.