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Distributions
 12 Months Ended
Dec. 31, 2017
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, 2017, 2016 and 2015:

 

    2017     2016     2015  
Quarter Ended   Amount     Per Share     Amount     Per Share     Amount     Per Share  
                                     
March 31   $ 5,416,827     $ 0.18     $ 4,879,009     $ 0.18     $ 4,481,730     $ 0.18  
June 30     5,700,036       0.18       4,903,286       0.18       4,633,318       0.18  
September 30     6,188,961       0.18       5,031,818       0.18       4,767,312       0.18  
December 31     6,333,573       0.18       5,204,709       0.18       4,864,760       0.18  
                                                 
    $ 23,639,397     $ 0.72     $ 20,018,822     $ 0.72     $ 18,747,120     $ 0.72  

 

These amounts do not include the discount on shares purchased through the Company’s DRIP.

 

On January 25, 2018, the Company declared a cash dividend of $0.18 per share to be paid on March 15, 2018 to shareholders of record as of the close of business on February 15, 2018.

 

Preferred Stock

 

The following dividends were paid to holders of our Series A Preferred Stock during the year ended December 31, 2017, 2016 and 2015:

 

Declaration Date   Record Date   Payment Date   Dividend     Dividend per Share  
                     
1/19/2017   2/15/2017   3/15/2017   $ 1,889,147     $ 0.515625  
4/3/2017   5/15/2017   6/15/2017     1,889,147       0.515625  
7/3/2017   8/15/2017   9/15/2017     1,889,147       0.515625  
                         
            $ 5,667,441     $ 1.546875  

 

1/15/2016   2/16/2016   3/15/2016   $ 1,889,147     $ 0.515625  
4/4/2016   5/16/2016   6/15/2016     1,889,147       0.515625  
7/1/2016   8/15/2016   9/15/2016     1,889,147       0.515625  
10/3/2016   11/17/2016   12/15/2016     1,889,147       0.515625  
                         
            $ 7,556,588     $ 2.0625  

 

Declaration Date   Record Date   Payment Date   Dividend     Dividend per Share  
                     
1/15/2015   2/17/2015   3/16/2015   $ 1,889,147     $ 0.515625  
4/1/2015   5/15/2015   6/16/2015     1,889,147       0.515625  
7/1/2015   8/15/2015   9/15/2015     1,889,147       0.515625  
10/1/2015   11/17/2015   12/15/2015     1,889,147       0.515625  
                         
            $ 7,556,588     $ 2.0625  

 

The following dividends were paid to holders of our Series B Preferred Stock during the year ended December 31, 2017 and 2016:

 

Declaration Date   Record Date   Payment Date   Dividend     Dividend per Share  
                     
1/19/2017   2/15/2017   3/15/2017   $ 1,900,600     $ 0.50  
4/3/2017   5/15/2017   6/15/2017     1,900,600       0.50  
7/3/2017   8/15/2017   9/15/2017     1,900,600       0.50  
10/2/2017   11/15/2017   12/15/2017     1,900,600       0.50  
                         
            $ 7,602,400     $ 2.00  
                         
1/15/2016   2/16/2016   3/15/2016   $ 1,305,257     $ 0.72466  
4/4/2016   5/16/2016   6/15/2016     1,900,600       0.50  
7/1/2016   8/15/2016   9/15/2016     1,900,600       0.50  
10/3/2016   11/17/2016   12/15/2016     1,900,600       0.50  
                         
            $ 7,007,057     $ 2.22466  

 

On January 25, 2018, the Board of Directors declared a quarterly dividend of $0.50 per share for the period from December 1, 2017 through February 28, 2018, on the Company’s Series B Preferred Stock payable March 15, 2018 to shareholders of record as of the close of business on February 15, 2018.

 

The following dividends were paid to holders of our Series C Preferred Stock during the year ended December 31, 2017:

 

Declaration Date   Record Date   Payment Date   Dividend     Dividend per Share  
                     
7/3/2017   8/15/2017   9/15/2017   $ 970,313     $ 0.168750  
10/2/2017   11/15/2017   12/15/2017     2,425,781       0.421875  
                         
            $ 3,396,094     $ 0.590625  

 

On January 25, 2018, the Board of Directors declared a quarterly dividend of $0.421875 per share for the period from December 1, 2017 through February 28, 2018, on the Company’s Series C Preferred Stock payable March 15, 2018 to shareholders of record as of the close of business on February 15, 2018.