Common Stock

3 Months Ended

Mar. 31, 2012

Stockholders' Equity Note [Abstract]

Common Stock

Common Stock

On September 7, 2011, the Company closed the IPO. On November 2, 2011, the Company sold additional shares in a follow-on offering. In addition, on November 7, 2011, the underwriters exercised their option to purchase shares. As of March 31, 2012 and December 31, 2011, the Company had a total of 7.3 million shares of common stock outstanding, including unvested restricted shares, with total net proceeds from common stock issuances of $78.1 million, which includes the effect of rescissions.

On September 7, 2011, the Company’s Board of Directors authorized and the Company declared an annual dividend rate of $0.875 per share or an annual dividend rate of 7.0% based on the common stock price in the IPO of $12.50, payable in cash monthly, beginning in October 2011, on the fifteenth day of each month to stockholders of record at the close of business on the eighth day of such month.

On February 27, 2012, the Company’s Board of Directors authorized and the Company declared an annual dividend rate of $0.880 per share. Accordingly, on March 15, 2012, the Company paid a distribution of $0.0733 per share to stockholders of record at the close of business on March 8, 2012.

On March 16, 2012, the Company’s Board of Directors authorized and the Company declared an increase to the Company’s annual dividend rate. The Company will increase its annual distribution by $0.005, from $0.880 to $0.885 per annum. The new annual distribution rate will accrue commencing on May 9, 2012. The Company will continue to pay its distributions on the 15th day of each month to stockholders of record at the close of business on the 8th day of such month.