Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity:

Distributions — In order to qualify as a REIT for federal income tax purposes, the Company must, among other things, make distributions each taxable year equal to at least 90.0% of its REIT taxable income. Through November 2016, the Company made regular distributions on a quarterly basis. On November 1, 2016, in light of the Plan of Dissolution approved by the Company's board of directors as described above in Note 1. "Organization and Nature of Business," the board of directors approved the suspension of the Company's quarterly cash distribution on its common stock effective as of the fourth quarter distribution. For the years ended December 31, 2016, 2015 and 2014, the Company declared and paid distributions of approximately $211.4 million ($0.6500 per share), $487.8 million ($1.5000 per share) and $137.9 million ($0.4252 per share), respectively. Distributions for the years ended December 31, 2016 and 2015, included special cash distributions of $0.50 per share and $1.30 per share, respectively, totaling approximately $162.6 million and $422.7 million, respectively, which were paid in cash and were funded from the proceeds of assets sales.

The tax composition of distributions declared for years ended December 31, 2016, 2015 and 2014 were as follows:

	December 31,
Distribution Type	2016		2015		2014
Taxable as ordinary income	1.2	%	28.0	%	—	%
Taxable as qualified dividends	0.2	%	—	%	—	%
Taxable as capital gain	—	%	18.3	%	—	%
Return of capital	98.6	%	53.7	%	100.0	%

No amounts distributed to stockholders for the years ended December 31, 2016, 2015 and 2014 were required to be or have been treated as a return of capital for purposes of calculating the stockholders’ return on their invested capital as described in the advisory agreement.

Redemption of Shares — During the year ended December 31, 2014, the Company redeemed 1.4 million shares at an average price of $6.80 per share. In September 2014, the Company’s board of directors approved the suspension of the Company’s redemption plan effective as of September 26, 2014.