Dividend Reinvestment and Stock Purchase Plan

3 Months Ended

Mar. 31, 2014

Dividend Reinvestment and Stock Purchase Plan

Dividend Reinvestment and Stock Purchase Plan

19.   Dividend Reinvestment and Stock Purchase Plan

We have a Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, to provide our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. The DRSPP authorizes up to 6,000,000 common shares to be issued.  During the first three months of 2014, we issued 55,870 shares and raised approximately $2.3 million under the DRSPP.  During the first three months of 2013, we issued 18,237 shares and raised approximately $811,000 under the DRSPP.  From the inception of the DRSPP through March 31, 2014, we have issued 1,620,212 shares and raised approximately $62.1 million.

In 2013, we revised our DRSPP to pay for a majority of the plan-related fees, which were previously paid by investors, and to institute a waiver approval process, allowing larger investors or institutions, per a formal approval process, to purchase shares at a small discount, if approved by us.