Subsequent Events

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On April 8, 2014, the Company paid its regular quarterly cash dividend of $0.29 per common share to stockholders of record as of the close of business on March 20, 2014.

On April 11, 2014, the Company amended the credit agreement governing its Unsecured Credit Facility to require the Company to use proceeds of any new unsecured debt of the Operating Partnership, the Company or any of their respective subsidiaries to prepay term loans under the agreement until the outstanding balance of the term loans is equal to or less than $150 million, rather than requiring prepayment in full.

In April 2014, the Company decided to reduce the number of employees, primarily located in its New Jersey market. Those positions will be relocated to the new operations center in Suwanee, GA and its corporate headquarters in Overland Park, KS. This will result in an estimated aggregate, non-recurring charge of approximately $1.5 million, of which approximately $1.3 million is expected to occur in the second quarter of 2014 and the remainder will impact third quarter 2014 results.

On May 6, 2014, the Company’s Board of Directors authorized payment of a regular quarterly cash dividend of $0.29 per common share, payable on July 8, 2014, to stockholders of record as of the close of business on June 20, 2014.