Distributions

12 Months Ended

Dec. 31, 2013

Distributions [Abstract]

DISTRIBUTIONS

NOTE 10 – DISTRIBUTIONS

Common Stock

The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2013, 2012 and 2011:

	2013				2012				2011
Quarter Ended	Amount		Per Share		Amount		Per Share		Amount		Per Share
March 31	$	3,155,607	$	0.18	$	2,809,868	$	0.18	$	2,523,564	$	0.18
June 30		3,294,938		0.18		2,902,806		0.18		2,595,832		0.18
September 30		3,456,304		0.18		2,954,616		0.18		2,652,386		0.18
December 31		3,656,622		0.18		3,062,506		0.18		2,723,255		0.18
	$	13,563,471	$	0.72	$	11,729,796	$	0.72	$	10,495,037	$	0.72

These amounts do not include the discount on shares purchased through the Company’s Dividend Reinvestment and Stock Purchase Plan.

On January 15, 2014, the Company declared a cash dividend of $0.18 per share to be paid on March 17, 2014 to common shareholders of record February 18, 2014.

Preferred Stock

The following dividends were paid to preferred shareholders during the year ended December 31, 2013, 2012 and 2011:

Declaration Date	Record Date	Payment Date	Dividend		Dividend per Share
1/16/2013	2/15/2013	3/15/2013	$	1,889,147	$	0.515625
4/8/2013	5/15/2013	6/17/2013		1,889,147		0.515625
7/1/2013	8/15/2013	9/16/2013		1,889,147		0.515625
10/1/2013	11/15/2013	12/16/2013		1,889,147		0.515625
			$	7,556,588	$	2.0625

Declaration Date	Record Date	Payment Date	Dividend		Dividend per Share
1/18/2012	2/15/2012	3/15/2012	$	690,319	$	0.515625
4/17/2012	5/15/2012	6/15/2012		930,716		0.515625
7/9/2012	8/15/2012	9/17/2012		1,244,616		0.515625
10/1/2012	11/15/2012	12/17/2012		1,459,458		0.515625
			$	4,325,109	$	2.0625

Declaration Date	Record Date	Payment Date	Dividend		Dividend per Share
7/5/2011	8/15/2011	9/15/2011	$	736,341	$	0.550000
10/4/2011	11/15/2011	12/15/2011		690,318		0.515625
			$	1,426,659	$	1.065625

On January 15, 2014, the Board of Directors declared a quarterly dividend of $0.515625 per share for the period from December 1, 2013 through February 28, 2014, on the Company's 8.25% Series A Cumulative Redeemable Preferred Stock payable March 17, 2014 to preferred shareholders of record February 18, 2014.  Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share.