XML 21 R25.htm IDEA: XBRL DOCUMENT v2.4.0.8
Dividend Reinvestment and Stock Purchase Plan
6 Months Ended
Jun. 30, 2014
Dividend Reinvestment and Stock Purchase Plan  
Dividend Reinvestment and Stock Purchase Plan

20.   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 six months of 2014, we issued 1,240,305 shares and raised approximately $54.4 million under the DRSPP.  During the first six months of 2013, we issued 44,549 shares and raised approximately $2.0 million under the DRSPP.  From the inception of the DRSPP, in April 2011, through June 30, 2014, we have issued 2,804,647 shares and raised approximately $114.5 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. In June 2014, we issued 1,135,897 shares and raised $50.0 million under the waiver approval process.