Common Stock

3 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Common Stock

Common Stock

As of March 31, 2014 and December 31, 2013, the Company had 175.6 million and 174.1 million shares of common stock outstanding, respectively, including unvested restricted stock, converted preferred shares and shares issued under the distribution reinvestment plan (the "DRIP").

In September 2010, the Company's board of directors authorized, and the Company declared, a distribution rate equal to $0.605 per annum per share of common stock, commencing December 1, 2010.  The distributions are paid by the fifth day following each month end to stockholders of record at the close of business each day during the prior month at a per share rate of 0.0016575342 per day. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured.

On March 31, 2014, the Company provided notice to its stockholders that, pursuant to the terms of the DRIP, the board of directors approved an amendment to the DRIP that enables the Company to suspend the DRIP. Subsequently, the board of directors approved the suspension of the DRIP, effective March 31, 2014. The final issuance of shares of common stock pursuant to the DRIP in connection with the Company’s March 2014 distribution was paid in April 2014.

On March 31, 2014, the board of directors approved the termination of the Company’s Share Repurchase Program (“SRP”). The Company processed all of the requests received under the SRP in the first quarter of 2014 and will not process further requests.

The following table reflects the cumulative number of common shares repurchased as of December 31, 2013 and as of and for the three months ended March 31, 2014:

	Number of Requests	Number of Shares Repurchased	Average Price per Share
Cumulative repurchases as of December 31, 2013	35	279,594	$	9.63
Three months ended March 31, 2014	1	5,000	10.00
Cumulative repurchases as of March 31, 2014 (1)	36	284,594	$	9.63

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(1) Includes one unfulfilled repurchase request consisting of 5,000 shares at a price per share of $10.00, which were approved for repurchase as of March 31, 2014 and paid in May 2014. This liability is included in accounts payable and accrued expenses on the Company's consolidated balance sheets.