Subsequent Events

12 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company completed its corporate restructuring and met the requirements to operate as a REIT for federal income tax purposes effective January 1, 2013. On January 18, 2013, the Company received a favorable Private Letter Ruling from the Internal Revenue Service indicating the Company qualifies as a REIT.

In connection with the Company's conversion to a REIT, on January 17, 2013 the Board declared a quarterly cash dividend of $0.50 per share of common stock, which will be paid on March 1, 2013 to shareholders of record as of the close of business on February 15, 2013.

On February 14, 2013, the Board of Directors of the Company adopted Amended and Restated Bylaws for the Company, effective upon adoption (the “Bylaws”). The Bylaws were amended to provide that directors will be elected by a majority of the votes cast in uncontested elections. In contested elections, the vote standard will continue to be a plurality of votes cast. A director who is not elected by a majority of the votes cast in an uncontested election must tender his or her resignation to the Board of Directors. The Board of Directors, taking into consideration the recommendation of the Nominating and Corporate Governance Committee of the Board, will then decide whether to accept or reject the resignation, or whether other action should be taken.