Common Stock

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Common Stock

Common Stock

The Company had 25.1 million shares of common stock outstanding, including unvested restricted shares, and had received total proceeds of $622.6 million as of March 31, 2015. The Company had 20.6 million shares of common stock outstanding and had received $509.9 million in gross proceeds as of December 31, 2014.

On May 22, 2014, the Company's board of directors authorized, and the Company declared, a distribution payable to stockholders of record each day during the applicable period equal to $0.0041438356 per day, which is equivalent to $1.5125 per annum, per share of common stock. The distributions began to accrue on June 13, 2014, which date represents the closing of the Company’s initial property acquisition. The distributions are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distributions payments at any time and therefore distribution payments are not assured.

The Company has a Share Repurchase Program ("SRP") that enables stockholders, subject to certain conditions and limitations, to sell their shares to the Company. Under the SRP, stockholders may request that the Company repurchase all or any portion of their shares of common stock, if such repurchase does not impair the Company's capital or operations. Repurchases of shares of the Company's common stock, when requested, are at the Company's sole discretion and generally will be made quarterly. The Company funds repurchases from proceeds from the sale of common stock pursuant to the DRIP.

The following table reflects the cumulative number of shares repurchased as of and during the three months endedMarch 31, 2015.

	Number of Requests	Number of Shares Repurchased	Average Price per Share
Cumulative repurchases as of December 31, 2014	—	—	$	—
Three months ended March 31, 2015 (1)	4	4,100	25.00
Cumulative repurchases as of March 31, 2015	4	4,100	$	25.00

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(1) Requests for repurchases were completed in May 2015.