Shareholders' Equity

6 Months Ended

Jun. 30, 2015

Shareholders' Equity [Abstract]

SHAREHOLDERS' EQUITY

NOTE 6 - SHAREHOLDERS’ EQUITY

Common Stock

On June 15, 2015, the Company paid total cash dividends of $4,633,651 or $0.18 per share to common shareholders of record as of close of business on May 15, 2015, of which $498,158 was reinvested in the Dividend Reinvestment and Stock Purchase Plan (DRIP). Total dividends paid to our common shareholders for the six months ended June 30, 2015 amounted to $9,115,626 of which $987,999 was reinvested.

During the six months ended June 30, 2015, the Company received, including dividends reinvested of $987,999, a total of $14,961,647 from its DRIP. There were 1,609,672 new shares issued under the DRIP. Of this amount, MREIC purchased 34,234 shares of the Company’s common stock for a total cost of $312,383, or a weighted average cost of $9.13 per share. On July 1, 2015, the Company declared a dividend of $0.18 per share to be paid September 15, 2015 to common shareholders of record as of close of business on August 17, 2015.

8.25% Series A Cumulative Redeemable Preferred Stock

On June 15, 2015, the Company paid $1,889,147 in dividends or $0.515625 per share for the period from March 1, 2015 through May 31, 2015 to preferred shareholders of record as of close of business on May 15, 2015. Dividends on the Series A preferred shares are cumulative and payable quarterly at an annual rate of $2.0625 per share. Total dividends paid to our preferred shareholders for the six months ended June 30, 2015 amounted to $3,778,294.

On July 1, 2015, the Company declared a dividend of $0.515625 per share for the period from June 1, 2015 through August 31, 2015 to be paid on September 15, 2015 to preferred shareholders of record as of close of business on August 17, 2015.