Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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

NOTE 6. STOCKHOLDERS’ EQUITY

Distributions

The distributions to common stockholders declared by our Board of Directors and paid by us during the nine months ended September 30, 2015 and 2014 are reflected in the table below.

 

Fiscal Year

   

Declaration Date

   

Record Date

   

Payment Date

   

Distributions per
Common Share

  

            2015             

    January 13, 2015    January 23, 2015    February 3, 2015    $ 0.035   
   January 13, 2015    February 18, 2015    February 27, 2015      0.035   
   January 13, 2015    March 20, 2015    March 31, 2015      0.035   
   April 14, 2015    April 24, 2015    May 4, 2015      0.040   
   April 14, 2015    May 19, 2015    May 28, 2015      0.040   
   April 14, 2015    June 19, 2015    June 30, 2015      0.040   
   July 14, 2015    July 24, 2015    August 4, 2015      0.040   
   July 14, 2015    August 20, 2015    August 31, 2015      0.040   
   July 14, 2015    September 21, 2015    September 30, 2015      0.040   
           

 

 

  
      Nine Months ended September 30, 2015    $ 0.345   
           

 

 

  

2014

    January 7, 2014    January 22, 2014    January 31, 2014    $ 0.030   
   January 7, 2014    February 19, 2014    February 28, 2014      0.030   
   January 7, 2014    March 17, 2014    March 31, 2014      0.030   
   April 8, 2014    April 21, 2014    April 30, 2014      0.030   
   April 8, 2014    May 20, 2014    May 30, 2014      0.030   
   April 8, 2014    June 19, 2014    June 30, 2014      0.030   
   July 15, 2014    July 25, 2014    August 5, 2014      0.030   
   July 15, 2014    August 20, 2014    August 29, 2014      0.030   
   July 15, 2014    September 19, 2014    September 30, 2014      0.030   
           

 

 

  
      Nine Months ended September 30, 2014    $ 0.270   
           

 

 

  

We will provide information related to the federal income tax characterization of our 2015 distributions in an IRS Form 1099-DIV, which will be mailed to our stockholders in January 2016.

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. This universal 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 depository shares, including through separate, concurrent offerings of two or more of such securities. As of September 30, 2015, we have issued 1,223,453 shares of common stock for gross proceeds of $15.0 million under this universal registration statement. Additionally, subsequent to September 30, 2015, we sold 2,100 shares of our common stock under the ATM Program (as defined below, under “—At-the-Market Program”) pursuant to this universal registration statement.

 

On November 5, 2014, we filed a registration statement on Form S-11 (File No. 333-199896) with the SEC, and on each of April 27 and May 11, 2015, we filed pre-effective amendments to such registration statement, which the SEC declared effective on May 13, 2015. Pursuant to this registration statement, we completed a public offering of 1,306,597 shares of our common stock at a public offering price of $11.40 during the three months ended June 30, 2015. See “—2015 Equity Issuance” below for further discussion on this offering.

2015 Equity Issuance

On May 15, 2015, we completed a public offering (the “2015 Follow-on Offering”) of 1,250,000 shares of our common stock at a public offering price of $11.40 per share. As a result of this offering, we received gross proceeds of approximately $14.3 million and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $13.2 million. On June 10, 2015, the underwriters exercised a portion of their over-allotment option in connection with our 2015 Follow-on Offering, and, as a result, we issued an additional 56,597 shares. This transaction closed on June 15, 2015, and resulted in gross proceeds of approximately $645,000 and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $606,000.

We used the proceeds received from the 2015 Follow-on Offering to repay existing indebtedness, to fund new property acquisitions and for other general corporate purposes.

At-the-Market Program

On August 7, 2015, we entered into equity distribution agreements (commonly referred to as “at-the-market agreements” or our “Sales Agreements”) with Cantor Fitzgerald & Co. and Ladenburg Thalmann & Co., Inc., each a “Sales Agent,” under which we may issue and sell, from time to time and through the Sales Agents, shares of our common stock having an aggregate offering price of up to $30.0 million (the “ATM Program”). As of September 30, 2015, we have expended or accrued approximately $62,000 on the ATM Program, and no shares of common stock have been sold under these Sales Agreements. See Note 9, “Subsequent Events,” for discussion on shares sold under the ATM Program subsequent to September 30, 2015.