Stockholders' Equity |
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| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note Disclosure [Text Block] |
Note 5 Stockholders’ Equity Preferred Stock
The Company’s charter authorizes the issuance of 10,000 shares of preferred stock, par value $0.001 per share. As of March 31, 2018 and December 31, 2017, there were 3,105 shares of Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), issued and outstanding. The Series A Preferred Stock has a liquidation preference of $25 per share. Dividend activity on our preferred stock for the three months ended March 31, 2018 is summarized in the following table:
1Represents the February and March 2018 months of the total $1,455 preferred dividend payment due on April 30, 2018.
The holders of the Series A Preferred Stock are entitled to receive dividend payments only when, as and if declared by the Board (or a duly authorized committee of the Board). Dividends will accrue or be payable in cash from the original issue date, on a cumulative basis, quarterly in arrears on each dividend payment date at a fixed rate per annum equal to 7.50% of the liquidation preference of $25 per share (equivalent to $1.875 per share on an annual basis). Dividends on the Series A Preferred Stock will be cumulative and will accrue whether or not funds are legally available for the payment of those dividends, whether or not the Company has earnings and whether or not those dividends are declared by the Board. The quarterly dividend payment dates on the Series A Preferred Stock are January 31, April 30, July 31 and October 31 of each year, which commenced on October 31, 2017. During the three months ended March 31, 2018 and 2017 the Company paid preferred dividends of $1,455 and zero, respectively.
Common Stock The Company has 500,000 authorized shares of common stock, $0.001 par value. As of March 31, 2018 and December 31, 2017, there were 21,631 outstanding shares of common stock.
Common stock dividend activity for the three months ended March 31, 2018 is summarized in the following table:
(1)Includes dividends on granted LTIP units and OP Units issued to third parties.
During the three months ended March 31, 2018 and 2017, the Company paid total dividends on its common stock, LTIP units and OP Units in the amount of $4,552 and $3,604, respectively.
As of March 31, 2018 and December 31, 2017, the Company accrued $165 and $116 for dividends payable on the aggregate annual and long-term LTIP units that are subject to retroactive receipt of dividends on the amount of LTIPs ultimately earned. See Note 7 Stock-Based Compensation for additional information. The amount of the dividends paid to the Company’s stockholders is determined by our Board and is dependent on a number of factors, including funds available for payment of dividends, the Company’s financial condition and capital expenditure requirements except that, in accordance with the Company’s organizational documents and Maryland law, the Company may not make dividend distributions that would: (i) cause it to be unable to pay its debts as they become due in the usual course of business; (ii) cause its total assets to be less than the sum of its total liabilities plus senior liquidation preferences; or (iii) jeopardize its ability to maintain its qualification as a REIT. OP Units
As of March 31, 2018 and December 31, 2017, there were 1,246 OP Units issued and held by third parties with an aggregate value of $11,532. These OP Units were primarily issued in connection with the acquisition of two separate facilities during the year ended December 31, 2017. |
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