Shareholders' Equity

3 Months Ended

Mar. 31, 2015

Shareholders' Equity [Abstract]

SHAREHOLDERS' EQUITY

NOTE 6 - SHAREHOLDERS’ EQUITY

Common Stock

On March 16, 2015, the Company paid $4,481,975 of which $489,841 was reinvested, as a dividend of $0.18 per share to common shareholders of record as of close of business on February 17, 2015.

During the three months ended March 31, 2015, the Company received, including dividends reinvested of $489,841 a total of $8,170,469 from its Dividend Reinvestment and Stock Purchase Plan (DRIP). There were 891,920 new shares issued under the DRIP. Of this amount, MREIC purchased 16,950 shares of the Company’s common stock for a total cost of $154,666, or a weighted average cost of $9.13 per share. On April 1, 2015, the Company declared a dividend of $0.18 per share to be paid June 15, 2015 to common shareholders of record as of close of business on May 15, 2015.

8.25% Series A Cumulative Redeemable Preferred Stock

On March 16, 2015, the Company paid $1,889,147 in Preferred Dividends or $0.515625 per share for the period from December 1, 2014 through February 28, 2015 to preferred shareholders of record as of close of business on February 17, 2015. Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share.

On April 1, 2015, the Company declared a Preferred Dividend of $0.515625 per share for the period from March 1, 2015 through May 31, 2015 to be paid on June 15, 2015 to preferred shareholders of record as of close of business on May 15, 2015.