Common Stock

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Common Stock

Common Stock

As of March 31, 2015 and December 31, 2014, the Company had 162.5 million and 162.2 million shares of common stock outstanding, respectively, including unvested restricted stock, converted preferred shares and shares issued under the distribution reinvestment plan (the "DRIP"), but not including limited partnership units of the OP (the "OP units") or Long-term Incentive Plan units ("LTIP units") which are currently, or may in the future be, convertible into shares of common stock.

From December 2010 to April 2014, the Company declared and paid dividends at a dividend rate equal to $0.605 per annum per share of common stock. The dividends were 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. In April 2014, the Company's board of directors authorized, and the Company declared, dividends at an annualized rate equal to $0.46 per share per annum beginning with the April 2014 dividend. Beginning in April 2014, dividends are paid to stockholders of record on the close of business on the 8th day of each month, payable on the 15th day of such month. The Company's board of directors may reduce the amount of dividends paid or suspend dividend payments at any time and therefore dividend payments are not assured.

Accumulated Other Comprehensive Loss

The following table illustrates the changes in accumulated other comprehensive loss as of and for the periods indicated:

	Unrealized gains			Change in			Total
	on available-for-sale			unrealized gain			accumulated other
(in thousands)	securities			(loss) on derivatives			comprehensive loss
Balance, December 31, 2014	$	244		$	(1,060	)	$	(816	)
Other comprehensive income (loss), before reclassifications	152			(1,619		)	(1,467		)
Amounts reclassified from accumulated other comprehensive loss	(48		)	526			478
Net current-period other comprehensive income (loss)	104			(1,093		)	(989		)
Balance, March 31, 2015	$	348		$	(2,153	)	$	(1,805	)

For a reconciliation of the income statement line item affected due to amounts reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2015, see Note 10 — Interest Rate Derivatives and Hedging Activities.