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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2012
Cash Distributions Declared, Distributions Reinvested and Distributions Per Share

The following table represents total cash distributions declared, distributions reinvested and distributions per share for the years ended December 31, 2012 and 2011, respectively:

 

                   Distributions Paid (3)                       

Periods

   Cash
Distributions
per Share
     Total Cash
Distributions
Declared (2)
     Reinvested
via DRP
     Cash
Distributions
net of
Reinvestment
Proceeds
     Stock
Distributions
Declared
(Shares) (4)
     Stock
Distributions
Declared (at
current
offering
price)
     Total Cash
and Stock
Distributions
Declared(5)
 

2012 Quarter (1)

                    

First

   $ 0.09999       $ 202,598       $ 112,295       $ 90,303         15,196       $ 151,960       $ 354,558   

Second

     0.09999         557,865         308,872         248,993         41,735         417,350         975,215   

Third

     0.09999         984,050         532,724         451,326         73,911         739,110         1,723,160   

Fourth

     0.09999         1,452,887         785,006         667,881         108,943         1,089,430         2,542,317   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Year

   $ 0.39996       $ 3,197,400       $ 1,738,897       $ 1,458,503         239,785       $ 2,397,850       $ 5,595,250   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

                   Distributions Paid (3)                       

Periods

   Cash
 Distributions 
per Share
     Total Cash
Distributions
Declared (2)
     Reinvested
via DRP
     Cash
Distributions
net of
Reinvestment
Proceeds
     Stock
Distributions
Declared
(Shares) (4)
     Stock
Distributions
Declared (at
current
offering
price)
     Total Cash
and Stock
Distributions
Declared(5)
 

2011 Quarter (1)

                    

First

   $ —        $ —        $ —        $ —          —        $ —        $ —    

Second

     —          —          —          —          —          —          —    

Third

     —          —          —          —          —          —          —    

Fourth

     0.06666         55,892         27,667         28,225         4,180        41,800        97,692   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Year

   $ 0.06666       $      55,892       $      27,667       $      28,225             4,180      $      41,800      $      97,692   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

FOOTNOTES:

 

(1) The Company commenced operations on October 5, 2011, as such there were no distributions declared during the first three quarters of 2011.
(2) For the year ended December 31, 2012 cash distributions paid to stockholders were 100% funded with proceeds from the Company’s Offering. For the year ended December 31, 2012, 100% of the cash distributions paid to stockholders are expected to be considered a return of capital to stockholders for federal income tax purposes. Whereas, for the year ended December 31, 2011, approximately 1.9% of the cash distributions paid to stockholders were considered taxable income and 98.1% were considered a return of capital to stockholders for federal income tax purposes.
(3) Represents the amount of cash used to fund distributions and the amount of distributions paid which were reinvested in additional shares through the Company’s distribution reinvestment plan.
(4) The distribution of new common shares to the recipients is non-taxable. Stock distributions may cause the interest of later investors in our stock to be diluted as a result of the stock issued to earlier investors.
(5) Based on the current offering price of $10.00, stock distributions declared represented approximately 43% of the total value of distributions declared and cash distributions declared represented approximately 57% of the total value of distributions declared.