STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

STOCKHOLDERS' EQUITY

7. STOCKHOLDERS’ EQUITY

Public Offering

The Company is continuing to offer and sell shares pursuant to its distribution reinvestment plan, which it may terminate at any time, in its sole discretion. The Company has registered $600.0 million in shares under the Company’s distribution reinvestment plan and is currently offering the shares at a price of $9.88 per share. As of September 30, 2014, $567.5 million in shares remained available for sale pursuant to the Company’s distribution reinvestment plan.

Distributions

The following table summarizes the Company’s distribution activity:

		Amount
(in thousands, except per share data)	Payment Date	Declared per     Common Share		Paid     in Cash		Reinvested in     Shares		Total     Distributions
2014
September 30	October 15, 2014	$	0.15625	$	16,621	$	16,275	$	32,896
June 30	July 15, 2014		0.15625		16,426		16,294		32,720
March 31	April 15, 2014		0.15625		16,316		16,199		32,515
Total				$	49,363	$	48,768	$	98,131
2013
December 31	January 15, 2014	$	0.15625	$	16,199	$	16,102	$	32,301
September 30	October 15, 2013		0.15625		15,939		15,786		31,725
June 30	July 15, 2013		0.15625		13,457		12,516		25,973
March 31	April 15, 2013		0.15625		11,782		10,323		22,105
Total				$	57,377	$	54,727	$	112,104

Redemptions

The following table summarizes the Company’s redemption activity:

	For the Nine Months         Ended September 30,
(in thousands, except per share data)	2014		2013
Number of eligible shares redeemed		1,480		700
Aggregate amount of shares redeemed	$	14,814	$	6,878
Average redemption price per share	$	10.01	$	9.83